Another company buys up rentals

Published: Tuesday, February 26, 2013 at 1:00 a.m.

Last Modified: Monday, February 25, 2013 at 9:00 p.m.

MANATEE COUNTY - A St. Petersburg company has joined the local rental property purchasing fray, paying more than $200,000 for four foreclosures in Manatee since the beginning of the year.

MAZ Fencing LLC, a company records show is managed by Alex Plotkin, has gotten considerable deals for the properties, paying 70 percent less than the previous owners in two transactions.

The company joins the likes of The Blackstone Group, which has bought at least 276 rental properties in Sarasota and Manatee, and the Minnetonka, Minn.-based Two Harbors Investment Corp., which bought at least 82, records show.

For MAZ Fencing, one property on 28th Avenue Drive in Bradenton went for a 72 percent discount from its 2006 sale, while another on 29th Avenue West went for a 69 percent discount.

This month, another large buyer emerged in the region: Fundamental REO, which since late November has bought 14 homes from Parrish to North Port for a total of $1.4 million, records show.

These big players have embarked on buying sprees of distressed homes -- a vast shift away from the boom-time trend of individual investors flipping houses for quick profit. Some market watchers contend that these rental investors have the potential to dramatically alter Southwest Florida's real estate landscape, in 2013 and beyond, by reducing an already tight housing supply and pushing out traditional home buyers who cannot compete with cash-heavy buyers.

<p><em>MANATEE COUNTY</em> - A St. Petersburg company has joined the local rental property purchasing fray, paying more than $200,000 for four foreclosures in Manatee since the beginning of the year.</p><p>MAZ Fencing LLC, a company records show is managed by Alex Plotkin, has gotten considerable deals for the properties, paying 70 percent less than the previous owners in two transactions.</p><p>The company joins the likes of The Blackstone Group, which has bought at least 276 rental properties in Sarasota and Manatee, and the Minnetonka, Minn.-based Two Harbors Investment Corp., which bought at least 82, records show.</p><p>For MAZ Fencing, one property on 28th Avenue Drive in Bradenton went for a 72 percent discount from its 2006 sale, while another on 29th Avenue West went for a 69 percent discount.</p><p>This month, another large buyer emerged in the region: Fundamental REO, which since late November has bought 14 homes from Parrish to North Port for a total of $1.4 million, records show.</p><p>These big players have embarked on buying sprees of distressed homes -- a vast shift away from the boom-time trend of individual investors flipping houses for quick profit. Some market watchers contend that these rental investors have the potential to dramatically alter Southwest Florida's real estate landscape, in 2013 and beyond, by reducing an already tight housing supply and pushing out traditional home buyers who cannot compete with cash-heavy buyers.</p>